Dollar Remains Weak On Rate Cut Bets
2024-08-13
4564
(fxcue news) - The U.S. dollar weakened against its major counterparts on Monday with investors awaiting the minutes from the Federal Reserve's July meeting, and Fed Chair Jerome Powell's speech at the annual Jackson Hole Economic Symposium.
The dollar's weakness is due to rising expectations of an interest rate cut by the U.S. central bank in September.
According to CME Group's FedWatch Tool, there is a 73.5% of a quarter point rate cut next month and a 26.5% chance of a half point rate cut.
The dollar index dropped to 101.36, losing 0.51%.
Against the Euro, the dollar weakened to 1.1131 from 1.1087. Against Pound Sterling, the dollar dropped more than 0.3% to 1.3032.
The dollar slipped against the Japanese currency, easing by nearly 1% to 145.28 yen a unit. Against the Aussie, the dollar was down at 0.6747.
The Swiss franc firmed to CHF 0.8540 against the dollar, gaining more than 1% from CHF 0.8627. The dollar declined marginally against the Loonie to C$ 1.3621.
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